56,698,207 XRP Transfer Raises Eyebrows, but Here's What Really Happened

Popular blockchain sleuth Whale Alert, which tracks down large cryptocurrency transfers, has noticed two massive crypto transactions, which carried almost 60 million $XRP cumulatively.

While they were made mostly between anonymous wallets, the crypto community was caught in a heated discussion, talking about its potential participators. However, another blockchain tracking account stepped in to provide clarification to the data shared by Whale Alert.

56,698,207 $XRP on move

Whale Alert spotted two large $XRP transfers made over the past day: 40,000,000 $XRP and 16,698,207 $XRP. These crypto chunks were valued at $131,081,333 and $55,279,692 in fiat at the time of the initiated transactions.

The first and the larger $XRP lump was moved from one anonymous wallet to another, while the second one was initiated by an unknown wallet and landed on the largest U.S.-based cryptocurrency exchange, Coinbase.

While the community was engaged in an intensive discussion about the nature of these transfers (with some crypto enthusiasts even suspecting those to be money laundering transactions), an analytics X account @XRPwallets published two posts to clarify these crypto transfers.

According to it, the larger one, which moved 40,000,000 $XRP, was conducted by Ripple giant as it moved the $XRP to one of its wallets for external use: “Ripple 50 to Ripple 50 subwallet for ETPs, Trust. Other Investments.”

As for the second transaction, @XRPwallets commented that it was also an internal one, but made within the Coinbase crypto exchange: “Coinbase Cold Wallet 394 to Coinbase 7.”